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A growing number of people are buying used clothing, shoes and accessories, propelling the secondhand industry to $177 billion in global sales last year, according to a new report from online thrift marketplace ThredUp.
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(Reuters) -Online second-hand apparel retailer ThredUp Inc on Wednesday posted a bigger-than-expected quarterly loss in its first report as a public company and warned of clothing budgets remaining constrained even as the U.S. economy reopens.
The company’s shares tumbled 10% in extended trading as investors shrugged off a revenue beat and focused on surging costs.
The stock has gained more than 43% since the late-March debut as investors bet on a sharp growth fueled by younger customers increasingly looking past the stigma of second-hand products and rooting for sustainability.
To support that growth, ThredUp is spending rapidly on new distribution centers, marketing and automation.